ANALYSIS OF SHARIA FINANCE LITERACY RATE (STUDY ON UNDERGRADUATE AND POSTGRADUATE STUDENTS OF ECONOMICS AND BUSINESS FACULTY, TELKOM UNIVERSITY)

Irni Yunita, Almand Fuad Alimuddin

Abstract

Indonesia as the country with the biggest number of Muslims in the world, with 85% of its population embracing Islam, makes Indonesia a promising market for sharia finance. However, it is not balanced with the people’s ability and knowledge on sharia finance. Based on the research on national sharia finance literacy conducted by Financial Service Authority, the level of sharia finance literacy of Indonesian people was only 11%. Students, both undergraduate and postgraduate, later will directly enter to be a part of the society that are expected to overcome economic problems and improve welfare by their financial management ability. However, different level of education taken may result in different level of financial literacy so it requires further research to investigate the difference of level of sharia financial literacy of undergraduate and postgraduate students. The study is included in quantitative research using descriptive analysis method. The data collection method used closed-ended questionnaire with ordinal scale. The object of the study done to the students of Management of Faculty of Economy and Business of Telkom University from 2 study program: MBTI (undergraduate program) and Magister Management (postgraduate program). This research is using Probability Sampling technique was 171 persons with criteria of level of financial literacy based on the study done by Chen and Volpe (1998). The measurement factors used in the study were Sharia Economy, Personal Finance, Sharia Banking, Sharia Insurance, Sharia Capital Market, Sharia Funding, and Pension Fund. The result of the study shows that the sharia financial literacy of postgraduate students was higher than that of undergraduate students (MBTI) with level of literacy 71.65% and 68.44% respectively and categorized as moderate.
Keywords: Sharia Financial Literacy

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